Designed for Groups or Individual members who are engaged in running income generating activities. The loan is intended to expand a business which should be in place six months prior.
Features:
• Available to all members
• Member must contribute shares for 6 months
• Business income must be channeled to FOSA for at least 6 months
• Loan recovery will be through FOSA standing order, checkoff, direct debit etc.
• Maximum amount applicable is Kes. 1,000,000 repayable in 24 months
• Qualification shall be 3 times of members deposits
• Self-guarantee will be up to 90% of the member’s free deposits
• Collateral used as loan security